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EBRD: GDP growth rate to be 2.8% this year and 2.4% next year in Azerbaijan - FORECAST

07 November 2019 12:00 (UTC +04:00)

The European Bank for Reconstruction and Development (EBRD) forecasts the GDP growth rate will be 2.8% in 2019 and 2.4% in 2020 in Azerbaijan, reads in the report entitled “Regional Economic Prospects” published by the EBRD, APA-Economics reports.

According to the report, the resistance of economics to external shocks is supported by liquidity buffers, which are the official currency reserves of the Central Bank of Azerbaijan (CBA) and the assets of the Azerbaijan Oil Fund.

It’s also been noted that credit activity is also being recovered with the background of low average annual inflation at a level of 2.6% during January-September 2019.

This permitted the CBA to decrease its accounting rate by 200 basis points in January-October of the current year.

Note that, the country's economy will grow by 3.2% this year, and 2.4% in 2020 according to the forecasts of the government of Azerbaijan.